Collecting past-due accounts can be a messy business. Debtors can often be uncooperative and sometimes downright nasty, and debt collection agencies are bound by dense regulation and subject to heavy fines should they step out of line. In a game that’s difficult enough as it is, customer resource management tools are one way that agencies can make things easier. CRMs offer a number of benefits to debt collection agents, including boosted productivity and help to maintain regulatory compliance. As a result, they’ve become extremely popular in the industry, and are utilized by many of the top collection agencies in North America and beyond. Here are just a few of the reasons that these powerful tools have been so widely embraced.
CRMs Enable More Effective Tracking and Account Management
Debt collection is all about following-up. While there are instances in which a single call will result in a settled account, it’s rare. Generally, accounts require multiple contacts to close, and tracking the progress and content of those calls and emails is absolutely crucial.
Without a CRM tool, keeping track of a call-sheet can be a nightmare. The limitations of spreadsheets quickly become apparent when an agent has dozens – or even hundreds – of debtors to track down. The result is wasted time, costly mistakes account slipping through the cracks and, most importantly, less settled debts.
Using a CRM streamlines the process by bringing all the information for each debtor account into one place and putting it all at an agent’s fingertips in a matter of a few clicks. CRMs also allow all communications, documents, and relevant information to be easy – and often automatically – linked to debtor accounts. That means agents will never lose track of critical information or where each account is in the collection process.
CRMs Enable Smoother Payment Collection
At the end of the day, debt collection is all about payment, and anything that can streamline the payment acceptance process can only be a good thing. Any experienced agent knows that once a debtor agrees to make a payment, it’s absolutely imperative to collect that payment as quickly as possible. Agents working without a CRM are put at a disadvantage because they’re forced to move around between multiple cumbersome platforms.
Conversely, agents working with a quality CRM like CRMDialer can accept payment and close out the account right from the same platform they’re using to handle their outbound and inbound calling, debtor tracking, scheduling, and more. That means an easier process for the agent and less time spent with the debtor on the other end of the line – opening-up more time to close more accounts.
CRMDialer offers full PCI compliance and tokenization, so payments are completely secure. It also enables payment plans to be scheduled right on the phone, ensuring collection even if the full amount of the debt can’t be paid off in one shot.
CRMs Enable Better Customer Service
The debt collection industry is highly regulated, and unfortunately, a minority of bad-actors bring a great deal of scrutiny onto the industry as a whole. That means consumer complaints are serious matters that need to be dealt with proactively to ensure that best practices are followed, regulations are respected, and hefty fines are avoided.
CRMs represent an invaluable tool for delivering better customer service for many reasons. First and foremost, their recording, tracking, and reporting abilities ensure that important information like revoked or altered permissions are recorded to each debtor’s account, ensuring agents don’t accidentally step outside the lines of regulations like the FDCPA.
Some CRMs, like CRMDialer, also offer an integrated helpdesk, allowing agents and managers to field issues and complaints from directly within the CRM platform. That ensures that issues are dealt with promptly, which in turn greatly reduces the likelihood that a debtor will escalate their complaint beyond the agency or collections department-level.
Simply put, CRMs enable debt collection agencies to settle more outstanding accounts and to do so with less fuss and less headache from the debtors they’re chasing down. As such, they’re invaluable tools, and the benefits offered by a good CRM platform like CRMDialer really can’t be overstated. CRMDialer offers the full set of features expected from an industry leading CRM and combines them with a robust power-dialer to create the ultimate productivity tool for high-call-volume businesses like debt collection agencies. Contact us today to find out how CRMDialer can help your agency, or sign-up online for a free demonstration!